MGM Resorts Shares Fall After Barry Diller Drops Buyout Bid

Bloomberg··US·Read original
3▲0 ▼1Impact / 5
Summary · why it matters

Barry Diller has withdrawn his offer to buy the rest of MGM Resorts International and take the casino operator private, sending the company's stock down about 10% in Tuesday's pre-market trading. Diller's people, the parent company of People Magazine, already own roughly 26% to 27% of MGM and had proposed acquiring the remainder, but he has now backed off the bid, according to Bloomberg. The retreat may reflect difficulty raising the debt needed to finance the purchase, as well as investor skepticism about the outlook for casino and entertainment companies. MGM's online sports betting arm, Bet MGM, had been cited as part of the appeal of the deal.

Impact on assets 2

Consumer Discretionary▼ · 1 stocks
MGM Resorts International
MGM
▼ NegativeCapitalrelevance

Barry Diller withdrew his buyout bid to take MGM Resorts private, sending shares down about 10% pre-market.

Cloud & Digital Infrastructure▲ · 1 stocks

Off-coverage companies 1

BetMGMPrivate▼ Negative
Capitalrelevance

BetMGM was cited as part of the appeal of the withdrawn buyout deal, so the collapsed bid removes a potential catalyst for the sports betting arm.

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